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STARTING TRADING - With Wholesalers
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VAT
Don't forget about the VAT when you order!!! It is important to remember
that wholesalers prices are quotes plus VAT, so you must always bear in mind
that whatever you order 17.5% VAT will be added to your bill.
Everyone has to pay VAT regardless of whether your business is VAT
registered or not - You do not have to be VAT registered to buy from a
wholesaler, but cannot claim the VAT back if your business is not VAT
registered.
You can become VAT registered, if your taxable supplies is in excess of
£58,000 in the previous 12 Months of trading, or if you are expecting to
exceed the limit in the next 30 days. In either of these cases then must
register for VAT by law.
The main benefit of being VAT registered is that you can claim back the VAT
you have paid out to buy goods and services for your business providing that
you have paid more VAT out than you have collected.
It would always be recommended that you consult your accountant for further
advice about VAT before deciding upon the best option for your business.
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